China Vanke taps dim sum market once again

Chinese property developer raises Rmb1 billion, the second time it has gone to the Hong Kong market in two weeks.

China Vanke, the country’s largest property developer by revenue, has tapped the dim sum market for the second time in two weeks, raising Rmb1 billion through the sale of 3-year notes at 4.05%.

Vanke, which recorded contracted sales of Rmb145.8 billion in the first 10 months, a year-on-year rise of 33%, has attracted decent demand to the transaction. The book was 3 times covered by orders from 89 accounts.

The debt issue was distributed 68% to Hong Kong, 26% to Singapore, 2% to the rest Asian and 4% to Europe. Fund managers took 67% of the deal, private bank clients bought 21%, banks got 7%, insurance 4%...

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